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Brief Exercise 7-7 (Algo) Sales returns (LO7-4] During 2021, its first year of operations, Hollis Industries recorded sales of $10,900,000 and experienced returns of $650,000. Cost of goods sold totaled $6,540,000 (60% of sales). The company estimates that 7% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the anticipated sales returns. Note: Enter debits before credits Transaction General Journal Debit Credit Brief Exercise 7-7 (Algo) Sales returns (L07-4] During 2021, its first year of operations, Hollis Industries recorded sales of $10,900,000 and experienced returns of $650,000. Cost of goods sold totaled $6,540,000 (60% of sales). The company estimates that 7% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the anticipated sales returns 2 Record estimated return of inventory. Credit Note : - journal entry has been entered